Sherman, who turns 33 in March and has long maintained that he wants to compete until he's 35, told ESPN on Monday he intends to follow through with that plan.
"I only want to play two more [seasons]," Sherman said. "I want to get on a competitive team. I think I still have a lot to give to the game.
"I think I still have a lot that I want to accomplish and I think I can go out there and help a defense come together like it should and reach their potential, reach the heights that the defenses that I've played on have reached."
When the new NFL league year begins on March 17, it will be Sherman's second time entering free agency. In 2018, Sherman signed with the 49ers after the Seattle Seahawks released him.
At the time of his release, Sherman was coming off a serious Achilles tendon injury that he sustained in November 2017. The five-time Pro Bowl selection -- acting as his own agent -- negotiated a three-year contract worth about $27.2 million with the 49ers.
Sherman overcame the right Achilles injury and returned to form in the 2019 season, earning his fifth Pro Bowl nod. Sherman, however, was limited to only five games in 2020 because of a calf injury.
The Las Vegas Raiders and New York Jets currently are linked to Sherman as possible destinations.
"After two years, I think I'm going to shut it down, regardless, because I'm sure I'll still get calls, I'm sure people still want to see if I have interest," Sherman said. "I think two more years and I'll be content where I'm at."